The latest public opinion survey from Argentina reveals President Javier Milei’s public trust has substantially diminished despite his controversial libertarian political career, which attracted both strong support and intense criticism. Results of Zuban Córdoba’s survey conducted from March 12 to 14 show that 57.6% of Argentinians distrust their president, according to responses from 1,600 participants with a margin of error of 2.4% and a confidence level of 95%. Public sentiment shifted dramatically following allegations that President Javier Milei participated in the LIBRA cryptocurrency scandal, which led to massive financial losses for many investors.

The Zuban Córdoba report portrays an increasing disenchantment toward the current administration, which witnesses progressive growth in negative perceptions every month. Negativity continues to increase at a consistent pace without any visible upper limit. The government’s tone and evaluation shift becomes more solidified when new political challenges appear on the agenda. The report described recent events as a succession of bloodbaths while pointing out the escalating crisis felt by citizens.

The survey revealed that following the cryptocurrency controversy, which occurred over a month ago, only 36% of respondents reported trusting Milei. 6.4% of respondents chose not to express an opinion, which resulted in a majority showing distrust. Milei’s reputation suffered major damage while his leadership became heavily overshadowed. Respondents now view him negatively at 58.5%, while only 41.1% report a positive perception of him.

The public’s view of Milei’s administration matches their overall negative sentiment towards him. The majority of respondents, at 58.4%, disapprove of his management performance, but 41.6% express their support for him. The data shows an increasing division among Argentines about Milei’s leadership and policies.

The collapse of public trust began when the LIBRA cryptocurrency scandal erupted on February 14. Milei used his now-deleted X account to announce the launch of a new cryptocurrency. The token achieved a market capitalization beyond $4 billion during its initial hours on the market. The token’s explosive ascent proved ephemeral when early investors, including reportedly involved insiders, rapidly sold their stakes, leading to the token’s value dropping more than 95%.

According to blockchain analytics firm Nansen, insiders and bots earned $180 million while 86% of LIBRA investors lost $251 million. Thousands of investors who supported Milei experienced financial devastation from this event.

Milei sought to separate himself from the controversy by stating that his role was limited to sharing information about LIBRA without any intention to support it. The public remained outraged, and legal scrutiny persisted despite Milei’s explanation. Following the event, multiple criminal complaints emerged against Milei and his associates while Argentine authorities initiated a federal inquiry into presidential misconduct.

Milei’s La Libertad Avanza party remains at the top of election polls leading into the October 26 vote despite his damaged reputation. The party maintains a lead with 36.7% support while the opposition coalition Unión por la Patria holds 32.5%. The scandal has damaged Milei’s reputation and public confidence, but his political movement remains intact. The upcoming elections will determine his capacity to stay politically relevant despite growing public distrust and ongoing legal issues.

The unstable public sentiment in Argentina, alongside the complex political challenges, demonstrates the difficulties Milei faces while operating within Argentina’s intricate political system. His economic strategies, combined with his public comments and the ongoing LIBRA scandal investigations, will dictate his presidency’s path and the direction of Argentine politics. The survey findings reveal a pivotal moment in Milei’s political trajectory, which demonstrates how fragile public trust remains while showing how quickly political support can change.